The sense to take a little water with it (3)
I believe the answer is:
wit
'the sense' is the definition.
(I have seen 'Good sense' mean 'wit' so perhaps 'sense' could also mean 'wit')
'a little water with it' is the wordplay.
'a little' suggests taking the first letters.
'with' is a charade indicator (letters next to each other).
The first letter of 'water' is 'w'.
'w'+'it'='WIT'
'to take' acts as a link.
(Other definitions for wit that I've seen before include "card" , "Drollery" , "Acuity" , "Humour; wag" , "Keen intelligence" .)